Small Business
Stimulus packages and economic slowdown have hit the exchequer hard as indirect tax collections shrunk by 21.6 per cent to Rs 1.27 lakh crore in the first seven months of this fiscal, against Rs 1.62 lakh crore a year ago.
The Madras High Court today directed Ahmedabad-based Zydus Cadila (Cadila Healthcare) not to sell its anti-depressant drug, Venz (venlafaxine), in the domestic market for the time being, based on a trademark complaint from Mumbai-based Sun Pharmaceutical industries.
The extra freedom given to the 26 public sector banks from this year to choose their statutory auditors has auditing companies — both those chosen and those left out — restive.
Mercedes sales decline over 10%, but the company expects double-digit growth this year.
The Reserve Bank of India (RBI) today extended the transition period given to the banks to treat the advances to equity-oriented mutual funds as capital markets exposure by six more months.
Dealers bank on small NBFCs as big players opt out.
Global hospitality company Hyatt Hotels today said it plans to raise up to $1.15 billion through an initial public offer and would use part of the proceeds to acquire and invest in new properties.
The market generates 40-45 per cent of the overseas collections for Bollywood films
Around 4000 people, mostly farmers, today took out a rally against land acquisition by Gujarat Industrial Development Corporation (GIDC) in villages near Sanand.
Suspected terrorist David Coleman Headley travelled to five cities during his stay in India between 2006-09, investigators have found.
Beauty is in the eye of the beholder. Automobile manufacturers use this fact to lighten the beholder’s wallet. The application and exploitation of form over function is by no means a recent phenomenon, but using this principle to sell entry-level motorcycles in India has only been observed of late.
Cabinet Secretary K M Chandrasekhar today did some plain-speaking, asking administrative ministries to allow Central Public Sector Enterprises (CPSEs) to function independently.
Online platforms for mutual funds (MFs) could soon become a reality. With the Securities and Exchange Board of India (Sebi) nudging the exchanges – the Bombay Stock Exchange and the National Stock Exchange – to launch such platforms, investors could soon find that buying or selling of mutual funds could be much easier.
Japanese investors who lived through a decade of deflation and recessions say US Treasuries are a bargain even with yields at about the lowest levels since at least the 1960s.
State-run telecom firm MTNL today reported a 77.5 per cent decline in its net profit at Rs 20.58 crore for the second quarter ended September 30, 2009.
The stock pared all its gains and slipped into the negative to touch a low of Rs 1,595 . The scrip finally ended flat at Rs 1,606. The counter clocked volumes of 102,814 shares as compared to the two-week daily average traded volumes of 44,875 shares on the BSE.
The day’s market proceedings were marked by choppiness and volatility, in the absence of any distinct cues from either the US or Asian markets.
World"s largest drug maker Pfizer today said it is in the process of bringing in synergies in operation with Wyeth, which it acquired in January this year, and will launch one more product by the end of this fiscal.
The government will invite bids by this year-end for three mega projects worth around Rs 14,500 crore in the road sector, Road Transport and Highways Minister Kamal Nath said today.
IRB Infrastructure Developers today said it has emerged as the lowest bidder for the Rs 1,200- crore project of National Highway Authority of India (NHAI).
The stock slipped further into the red to touch a low of Rs 131, down 8% from the days high. It rebounded to end with a gain of 3.5% at Rs 136. The counter clocked relatively hefty trade volume of 1.18 million shares, as compared to its two-week daily traded average of 820,391 shares.
Huge opportunities in the form of upcoming projects and robust revenue growth in existing businesses augur well for IRB Infrastructure.
A visionary, energetic and result-oriented minister has breathed fresh life into the road sector
Foreign institutional investors (FIIs) were net buyers of Rs 660.55 crore (provisional) today, according to data released by BSE.
Bharatiya Yuva Shakti Trust, a non-profit organisation, aims to support 5,000 entrepreneurial ventures in the next five years.
The Indian Industries Association (IIA), an apex body of SMEs, has joined hands with Germany-based Confederation of Skilled Crafts to work for a development project for micro, small and medium enterprises (MSME) in Uttar Pradesh.
Chef Simon Tress takes the best of German and Indian cuisines.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned National Thermal Power Corporation (NTPC), a plea also being used by the Anil Ambani group.
For the first time in 13 months, the country’s oil import bill registered a positive growth rate of 7.3 per cent, though the overall import continued to fall at $22.88 billion (Rs 1,06,640 crore) in November compared to $23.48 billion (Rs 1,09,440 crore) in the same month last year.
One third of the world"s child brides live in India, accounting for a large number of unregistered births, according to a UNICEF report.
The date for rolling out the Goods and Services Tax (GST) could be announced on January 8, Asim Dasgupta, chairman of the empowered committee of state finance ministers, said today.
Asia MotorWorks Limited (AMW), an Ahmedabad-based company specialising in design and manufacture of tractors, tippers and high-tonnage trucks, is contemplating foraying into bus manufacturing in the next two to three years.
Marxist patriarch Jyoti Basu, who is battling for his life, today had Prime Minister Manmohan Singh visiting him and offering help in bringing experts from other parts of the country for his treatment.
With a year of downturn behind us, all major economic think tanks and forecasters who earlier expected the growth rate to dive below 6 per cent, are hopeful of above 6 per cent growth in 2009-10 (it was 6.7 per cent last year) and a growth of around 7 per cent in 2010-11. Such a rate of growth would be one of the highest in the world.
Sesa Goa saw its profits and revenues fall a whopping 50 per cent and 38 per cent, respectively, on a year-on-year basis for the September 2009 quarter even as it sold more iron ore and pig iron. Although the performance includes the numbers of Dempo Mining, acquired in June this year, the Street was disappointed.
The country"s most valued firm Reliance Industries (RIL) today said the public sector insurer Life Insurance Corporation of India (LIC) has hiked its stake in the company to 6.94 per cent over the past two years through open market transactions.
Alleges infringement of patent for dermatology medicine.
State-run gas utility GAIL India Ltd today declared a 20 per cent (Rs 2 per share) interim dividend for the current fiscal.
India’s biggest drug maker, Ranbaxy Laboratories, has posted a net profit of Rs 116.6 crore for its third quarter ended September, against a net loss of Rs 394.5 crore in the same period last year, which had been largely attributed to mark-to-market exchange losses.
Pipe manufacturer Jindal Saw today reported a 46.36 per cent growth in net profit at Rs 146.48 crore for the third quarter ended September 2009. The firm had a net profit of Rs 100.08 crore in the September quarter of FY"09, Jindal Saw said in a filing to the Bombay Stock Exchange.
Euro Multivision’s solar business is promising but execution remains the biggest risk.
The state health and family welfare department is looking to forge partnerships with the healthcare institutions in the private sector.
Five more persons, including an AIDS patient, died of swine flu in the city, taking the countrywide death toll in the pandemic to 23.
The central government’s decision to continue controlling supply of the swine flu drug, oseltamivir, will help the drug innovator, Swiss multinational Hoffmann-La Roche, and its Indian licencee, Hetero Drugs, maintain their effective monopoly in the country, even as the drug lacks patent protection in India, fear domestic industry circles.
Anil Ambani group firm RNRL today told the Supreme Court that the government"s approval was not required for sale of gas by RIL to it and alleged that the Mukesh Ambani-led company had "wrongfully and mischievously" sought to pass this off as a condition.
Power PSU NTPC today moved the Supreme Court challenging Bombay High Court"s decision that allowed Mukesh Ambani group firm RIL to amend its petition on the gas dispute citing government"s pricing policy.
IT outsourcing company, Satyam Computer Services Limited (rebranded Mahindra Satyam), has entered into a strategic alliance with Australasia’s information and communications technologies (ICT) provider Gen-I for migration services of Microsoft’s Windows 7, which was launched on October 22.
M J Antony / New Delhi June 3, 2009, 0:51 IST
The government today cleared nine fresh proposals for setting up special economic zones, most of which related to IT and ITES, followed by the bio-technology sector.
Hyderabad-based Indian School of Business (ISB) has launched two new initiatives in an effort to encourage entrepreneurship among students. ISB’s Wadhwani Centre for Entrepreneurship Development (WCED) has launched the Entrepreneurs Development Initiative (EDI) and Planning an Entrepreneurial Venture (PaEV) to incubate and promote entrepreneurial ventures by students.
India"s top two law officers have advised NTPC to move Supreme Court at once to secure gas at a contracted price from Reliance Industries (RIL), a position in variance with Oil Ministry"s plea on the Ambani borthers" gas dispute.
The Gujarat government has banned Jaswant Singh’s book. But it is one of the items being smuggled into the state from Rajasthan, along with liquor. Two days ago, there were a few hundred copies of the book in various bookshops across Udaipur. Two days later, there were none. Reason? Smugglers bought these for circulation in Gujarat.
Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million tonnes, CEO Naresh Nayyar said.
The stock failed to hold on to its gains and slipped 5% to its low of Rs 138. The stock finally ended marginally down at Rs 139. Around 2.92 million shares were traded on the BSE today.
The untimely death of the family bread-winner puts other members in a financially insecure position. Here"s a look at how a fixed income can be earned for the others to live in peace.
Police are on the lookout for Congress MP L Rajagopal, who escaped from a city hospital where he was admitted after being brought from a hunger strike site over the Telangana issue.
If a telephone company had a heart, Google Inc would be inspiring terror in it. As the newspaper, book and video industries can attest, Google has a knack for invading established markets and turning them upside down. Next up are the phone companies: Google Voice, still in testing, provides a free, powerful suite of Internet-based services that makes it a personal communications hub.
The annual plan ceiling of the water resources department (WRD) for 2010-11 has been fixed at Rs 2222.64 crore. It is the highest among all the departments.
Rehabilitation and Peripheral Development Advisory Committee (RPDAC) for the Posco steel project in Orissa will meet next month to finalise the rehabilitation and resettlement (R&R) package for the project affected persons.
The 1200 MW thermal power project of Jindal India Limited at Kaniha near here, estimated to cost Rs 6,000 crore, is under a cloud as the twelfth meeting involving the local administration, company authorities and the affected villagers remained inconclusive.
The proposed Vedanta University is likely to get chairman of the Knowledge Commission Sam Pitroda as its first Chancellor, Orissa’s Higher Education minister Debi Prasad Mishra said on Thursday.
The proposed Vedanta University is likely to get chairman of the Knowledge Commission Sam Pitroda as its first Chancellor, Orissa"s Higher Education minister Debi Prasad Mishra said today.
Shares of steel companies have risen significantly in the recent past in anticipation of recovery in demand and prices.
Industrial tool to optimise operations
A new body seeks to integrate scattered R&D to meet the needs of a growing export and domestic market.
The Centre may be eager to introduce the proposed Goods and Service Tax (GST) from April 1, 2010, but the Orissa government has cast doubts on the timely launch of the new tax regime.
India today lifted a 28-month ban on wheat export by allowing export of 900,000 tonnes of the grain by government-owned trading agencies.
If company defined as controlled by Indians as in Press Note 2, clear its further investments.
S Kalyanasundaram, former managing director of GlaxoSmithKline Pharmaceuticals, will join Sun Pharmaceutical Industries, the country’s largest drug manufacturer in terms of market capitalisation, as one of its top three executives.
Low interest rates, a revival in auto financing and strong spending based on improved sentiment boosted auto sales this year so far. This sales momentum should sustain going ahead as per most market analysts and the sector has seen earnings estimate upgrades all around.
Even healthy growth in vibrant markets like India and China could not help global personal computer manufacturer Dell’s net profit from slipping 54 per cent to $337 million, from $727 million in the same quarter last year. Revenue also declined by 15 per cent to $12.9 billion, compared with $15.2 billion in the same period last year, it added.
The stock finally settled at Rs 444, up 3% from the previous close. The counter clocked volumes of 1.05 million shares as compared to the two-week daily average traded volumes of 278,255 shares on the BSE.
The industry minister Raghunath Mohanty today urged the Central Public Sector Undertakings (CPSUs) in the state to register at least 100 vendors under their wing within a year to facilitate growth of the Micro, Small and Medium Enterprises (MSMEs).
After the challenging mission to moon, Indian Space Research Organisation (Isro) said on Wednesday it has begun preparations for sending a spacecraft to Mars within the next six years.
Vandana / Mumbai January 27, 2010, 2:06 IST
Powergrid Corporation of India Ltd (PGCIL), India’s largest power transmission utility, is set to float its overseas subsidiary by early next year. The move is aimed at opportunities outside the country.
May look at local manufacturing
Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, has posted a 36 per cent jump in net profit for the quarter ended December 2009 on the back of lower raw material costs.
National Thermal Power Corporation (NTPC) today reported a growth of 5 per cent in net profit at Rs 2,364.9 crore for the third quarter ended December 31, 2009, over the same period last year.
Century Textiles and Industries, part of the B K Birla group, has posted a rise of 110.52 per cent in its net profit for the quarter ended December 2009 at Rs 59.64 crore compared with Rs 28.33 crore in the corresponding previous quarter. Its net sales during the period grew to Rs 1,068.10 crore against Rs 879.79 crore, up 21.4 per cent.
Professional forecasters have added to Reserve Bank of India (RBI) Governor Duvvurri Subbarao’s dilemma on timing the exit from an accommodative monetary policy stance.
Oil prices dipped but stayed above $74 in Asian trade today as demand uncertainty weighed on investors already wary from recent economic policies in the United States and China.
China: Chinese Premier Wen Jiabao once said 2009 would be China’s toughest economic period in fifty years. He wasn’t thinking ahead. In 2010, policymakers face a seemingly impossible mission — continuing 2009’s growth of 8.7 per cent while curbing resurgent inflation. December’s figures show the government is already behind the curve.
The year 2009 ended on a high note, with benchmark (BSE & NSE) indices registering best yearly gains in the last two decades and touching fresh 19-month peaks. The year, however, will be most remembered for the Sensex and the Nifty hitting the upper circuit for the first time.
A K Bhattacharya / New Delhi December 2, 2009, 0:09 IST
Corporate Affairs Minister Salman Khurshid today opined that India Inc should focus on CSR activities in their own interest.
Tagging India as a country of "endless unrealised potential", a US-based strategic think-tank today said that the south Asian country"s growth would be "unpredictable and uneven" in the decade starting 2010.
The chief minister Naveen Patnaik today launched HAM Radio Communication network in the state. This is expected to improve the preparedness to face the natural disasters. Speaking on the disaster mitigation day here, the chief minister said, the Orissa State Disaster Management Authority (OSDMA) in collaboration with the Indian Space Research Organisation (ISRO) and the National Remote Sensing Centre (NRSC) will set up 220 Automated Weather Stations (AWS) in different parts of the state.
Reebok has gotten bold. Last month, the company introduced its EasyTone footwear for women, which are meant to tone the leg and butt muscles. According to the company, its lab tests confirmed an increase in muscle activation due to the miniature balance balls underneath the shoe.
Trust Kishore Biyani, the founder of Future Group, to spot new revenue streams before anybody else. The latest from Biyani is Indian-style hotels and schools to train entrepreneurs and help understand consumer behaviour. Both initiatives are expected to go on stream in the next six to eight months.
Apollo Hospitals today reported a 48.6 per cent increase in its net profit at Rs 43.91 crore for the quarter ended on December 31, 2009, as compared to the similar period last fiscal.
China and India could reshape the global auto industry and pose a significant competitive threat in coming years, executives from the world"s top carmakers said at the Detroit auto show.
The world"s cheapest car, Tata Nano, made a two-hour stop over near Chicago before heading off to Detroit, where it would be on display for the US audience for the first time this week.
Textile firm, Raymond, will open about 300 stores by end-March 2011, taking its total store-count to 800.
Between 2005 and 2008, Jharkhand govt signed MoUs for various mega projects.
With budgetary preparations on in full swing, the Reserve Bank of India (RBI) today advised the Finance Minister to at least partially rollback the stimulus that was provided to help the industry cope with the financial crisis.
Disney Interactive Media Group (DIMG), a division of Walt Disney Company, is contemplating introducing localised console and PC games for the Indian market shortly.
Markets have opened weak in line with global peers, ahead of the RBI policy review.
The foreign institutional investors (FIIs) were net buyers of Rs 2067.72 crore in futures and options segments on Thursday.
Shiv Sena supremo Bal Thackeray today lambasted Maharashtra Chief Minister Ashok Chavan for backtracking on his statement on making knowledge of Marathi mandatory for renewing taxi permits in Mumbai and likened the political turnaround to Michael Jackson"s "moonwalk".
Contract for a year; players will play just for Season-3.
Maruti Suzuki India is the most searched car maker among potential buyers looking for online information, says a Google India study.
Birla Sun Life Insurance, which belongs to the Aditya Birla Group, has roped in four cricketers — Yuvraj Singh, Virender Sehwag, Suresh Raina and Rohit Sharma — to endorse its wealth and protection solution plans.
You hear the pop of blooming buds and the ruffle of unfurling petals, and spy insects feeding on nectar in this idyllic garden, bathed in the early morning sun. Just as you get drawn in by visuals that could rival footage on any nature channel, you notice the flowers are nestling fruit juice cartons — as if they too have blossomed in the heart of nature. This is the ad for Parle Agro’s 100 per cent fruit juice, Saint, being aired on English lifestyle and news channels. “Juice the way God meant it to be,” says the punch line.
Yahoo! announced partnerships with television and other device manufacturers as the Internet company joins others seeking to jump from the computer to the TV screen.
The Prime Minister’s information technology advisor Sam Pitroda said the government was not planning to merge BSNL and MTNL, but efforts were on to sell stake in BSNL.
Aabhas Sharma / New Delhi December 5, 2009, 0:47 IST
Hyderabad-based Pharma company, Natco, which launched a drug similar to Tamiflu, is expecting a turnover of Rs 600 crore by this fiscal end, a top company official said.
With small investors once gain returning to the market, the small-cap index was the best performer in August even outperforming the benchmark index Sensex, gaining around 13 per cent.
Hang Seng is quoting at 20,332, down 530 points or 2.5%, and the Nikkei is at 10,554, lower by 313 points or 2.8%.
The Asian markets continue to trade weak.
The Supreme Court will hear Swiss drug maker Novartis AG"s plea against denial of patent for its blood cancer drug, Glivec, next week.
Despite many hiccups, the next decade should be a good one for stock investors
Private lender Infrastructure Leasing & Financial Services (IL&FS) has increased its stake in Maytas Infra to 37.01 per cent by acquiring shares given as surety for a loan by the family of disgraced Satyam founder B Ramalinga Raju, promoters of the company.
Shree Cements Limited has recorded a 13.81 per cent growth in despatches during September. It has despatched 6,80,170 tonnes last month as against 5,97,650 tonnes during the corresponding period last year. Its total cumulative despatch for the first half of the current fiscal (April – September) stands at 45,01,800 metric tonnes, which is 28.99 per cent higher than the corresponding period of the last last financial year.
Reflecting the robust growth witnessed by the Indian economy, major cement manufacturers, including Ambuja Cements, Jaiprakash Associates and Shree Cement, today reported increase in their sales in November.
It is as flat as it can get. The Sensex is quoting virtually unchanged at 17,641 and the Nifty is down four points at 5270.
Oil eased in Asian trade today as traders continued to evaluate the pace of recovery in the US economy, the world"s biggest energy user, analysts said.
Jaiprakash Power Ventures today said it has appointed Sunil Kumar Sharma as Vice-Chairman and Chief Executive Officer of the company.
The Mukesh Ambani Group firm Reliance Industrial Infrastructure (RIIL) today said its net profit rose by 3.52 per cent to Rs 5.87 crore for the third quarter ended December 31, over the same period previous financial year.
Concerns about Dubai’s potentially crippling default on enormous debts to global creditors have rattled investor confidence across the oil-exporting Gulf region but Abu Dhabi will come to the rescue, says a leading economist in the region.
The Ruias’ Essar Group is to acquire a 51 per cent stake in the telecom operations of the Dhabi Group, an investment company led by Abu Dhabi’s royal family, in Uganda and Congo for around $150 million (Rs 692 crore).
Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.
Maruti Suzuki, India"s largest manufacturer of passenger cars, launched Eeco, a multipurpose vehicle (MPV) in Ahmedabad today.
World"s largest steelmaker ArcelorMittal has asked the Orissa government to treat its proposed Rs 50,000-crore project on the issue of mining lease at par with other big ticket investments.
Honda Motorcycle and Scooter India (HMSI), a wholly-owned subsidiary of Japan-based Honda Motor Co, today said it targets sales of 15 lakh units in the next fiscal, a growth rate of 20 per cent over 2009-10.
American chocolate maker Hershey Company today said it will not make a counter bid for British confectioner Cadbury, which has accepted the 11.9 billion pound takeover offer from US-based Kraft Foods.
FMCG firm Jyothy Laboratories today reported a 24.92 per cent increase in net profit at Rs 16.84 crore for the quarter ended December 31, 2009, as compared to the same quarter year ago.
‘The country loses crops worth Rs 1,40,000 crore annually to pests & diseases’
A 20-member delegation from Karnataka today met Union mome minister P Chidambaram and demanded special incentives for its five districts.
Driven by healthy growth across key personal care categories, the homegrown FMCG major Dabur today reported a 28 per cent jump in its consolidated net profit at Rs 137.84 crore for the third quarter ended December over the corresponding period last fiscal.
With more IPO listings on horizon, NYSE Euronext for the fifth consecutive year led the US IPO market, with over $19 billion in proceeds compared with $8 billion on Nasdaq.
Tata Coffee has posted a rise of 13.5 per cent in its profit after tax (PAT) for the December quarter at Rs 13.87 crore compared with Rs 12.22 crore in the previous corresponding quarter. Its income from operations during the period grew to Rs 76.46 crore from Rs 65.10 crore last year, up 17.45 per cent.
GMR Hyderabad International Airport Limited (GHIAL) has signed an agreement with aircraft engine manufacturer, CFM International (CFM), to establish a new CFM56 maintenance training centre to support its customers in the South Asian region.
Land in Navi Mumbai to be used for building Bollywood theme park.
Foreign institutional investor T Rowe Price today said it has completed the acquisition of 26 per cent stake in UTI Asset Management Company and UTI Trustee company for Rs 650 crore.
The stock extended gains to touch a high of Rs 55 - up 10% from the day"s low of Rs 50. It finally ended up 3.2% at Rs 52.
Anil Ambani’s Reliance Power today started power generation at its Rs 6,000-crore Rosa Power Project in Shahjahanpur district of Uttar Pradesh.
AIM-listed integrated studio operator Eros International plc is planning to list its wholly-owned Indian subsidiary on the Bombay Stock Exchange in the current financial year.
Foreign institutional investors (FIIs) were net buyers of Rs 259.17 crore (provisional) today, according to data released by BSE.
Pyramid Saimira Theatre today reported a net profit of Rs 5.77 crore for the quarter ended September 30, 2009, while it had a net loss of Rs 3.11 crore in the same period last year.
There was at least one whole century when Western art was collected in India. But do you know how much it’s worth?.
Domestic brokerage house India Infoline today said it will acquire Singapore-based Orient Global"s stake in the former"s two unlisted subsidiaries for $80 million (nearly Rs 369 crore).
Financial services provider Religare Enterprises today said its consolidated net profit declined by 51.80 per cent to Rs 21.4 crore for the third quarter ended December 31, 2009, over the same period last year.
Foreign institutional investors (FIIs) were net sellers of Rs 361.67 crore (provisional) today, according to data released by BSE.
Diversified business conglomerate Godrej Industries today reported an eight-fold jump in its net profit at Rs 43.80 crore for the quarter ended December 31, 2009, over the year-ago period.
The country"s largest two-wheeler maker Hero Honda today reported a huge 78.34 per cent jump in its third quarter net profit at Rs 535.77 crore on the back of a quarterly sales volume of over a million units, and said it may go in for a new facility soon.
Despite a sharp fall in treasury income compared to the year-ago quarter, private sector lender Yes Bank recorded a 19 per cent growth in net profit to Rs 125 crore for the quarter ended December 31, 2009.
That Petroleum Minister Murli Deora comes from the country’s commercial capital was made obvious today when reporters asked him about whether there was going to be a petroleum price hike. “Arre baba, I’m not running a private limited company”, he told reporters, “there has to be a larger consultative process.”
Private sector lender Yes Bank plans to set up a firm, Yes Ventures, to house its private equity funds, in 2010-11.
Aditya Birla Capital Advisors, the private equity (PE) arm of the Aditya Birla Financial Services Group, raised Rs 675 crore and announced the first closure of the Aditya Birla Private Equity - Fund I. The promoter group has contributed 20 per cent, or Rs 135 crore, to the fund.
Business Standard / New Delhi January 13, 2010, 0:44 IST
Japanese car maker Nissan today said it would consider launching electric vehicles in the Indian market within few years as part of its global plan to roll out cleaner and alternative fuel technology.
State-owned Oil and Natural Gas Corp"s Rs 13,000 crore Dahej complex will be the anchor tenant at the proposed special area for chemical and petrochemicals industry in the Gujarat city that may attract a total of Rs 50,000 crore of investment.
In a sprawling factory south of Shanghai, Li Shufu, the self-made Chinese billionaire who is poised to buy Volvo Car Corp from Ford Motor Co, is presiding over a new-model launch party. If he has any concerns that his Geely Automobile Holdings Ltd’s rising sales and surging stock price could falter, he’s not showing them on that summer day.
The chief executives of Italian auto maker Fiat and oil major Royal Dutch Shell will not be seeking re-election to the board of Swiss banking entity UBS.
Barter and exchange services provider BBX India is awaiting Reserve Bank of India"s (RBI) approval to start international trading in the country, a top company official said.
The promoters of large and mid-cap companies plan to sub-divide company"s share face value following a sharp rise in stock prices in the last one year.
Personal and oral care products maker Colgate-Palmolive today reported a 50 per cent increase in net profit at Rs 116.39 crore in the third quarter ended December 31, 2009 over the same period last fiscal.
Steel Authority of India Ltd (SAIL) ended at Rs 220, higher by Rs 3 or 1.6%, on the BSE.
Samajwadi Party General Secretary Amar Singh spent the New Year in Dubai. Singh, who is reinventing himself, writes in his blog: “Off (sic) late, my level of sensibility and sense of political responsibility have taken a back seat. I have learnt to take personal criticism in my stride and for the first time in my political career I am giving more preference to my family. I have chosen to ignore the council elections in Uttar Pradesh. No one is indispensable. I am desperate to create my political dispensability to avoid unnecessary tension and a lot of hard work which is detrimental to my present health and against my doctor’s advice. I am an eternal optimist ... I want to reinvent myself as family oriented person…”
Overseas borrowings by India Inc fell by nearly half to $1.08 billion in August against $2 billion during the previous month.
Mortgage entities Fannie Mae and Freddie Mac are planning to introduce a programme aimed at helping independent mortgage banks to make home loans, says a media report.
Professor Amartya Sen tells us that his high school teacher’s advice, on whether he could get away with saying that Lord Krishna’s argument in the Gita was incomplete and unconvincing, was that “Maybe you could say that, but you must say it with adequate respect”. Following this advice, I write the review with the deepest respect for Professor Sen.
Highway projects worth about Rs 110,000 crore will be executed in the country over the next three years, Minister of State for Road Transport and Highways R P N Singh informed the Rajya Sabha today.
Maruti Suzuki has ended at Rs 1433, down Rs 6 or 0.4%, on the BSE.
Tata Group firm Rallis India today reported a 55 per cent rise in net profit at Rs 24.06 crore for the quarter ended December 31.
South Indian Bank (SIB) reported a 15.8 per cent increase in net profit at Rs 62.46 crore in the third quarter of current financial year as compared to Rs 54.20 crore in the same period of last fiscal.
Hardware and systems integrator company HCL Infosystems posted a 1.5 per cent increase in net profit for the second quarter ended December 31, 2009. Net profit stood at Rs 56.09 crore compared with Rs 55.25 crore in the year-ago period.
The stock ended flat at Rs 712. Around 86,350 shares were traded on the BSE today as compared to the two-week daily average traded volumes of 98,591 shares.
US Defense Secretary Robert Gates today said there has been a remarkable advancement of defence relationship between India and the United States in the last few years.
Google/cybersecurity: Google’s cyber-complaint is the tip of an iceberg. Coordinated attacks on IT systems are common, yet companies and governments have kept largely silent. The growth of computer services that rely heavily on the Internet means the stakes are growing higher. That may explain why Google spoke up about recent attempts to steal its intellectual property -- and why the U.S. State Department has also taken China to task.
The Airports Authority of India (AAI) expects its annual earnings to grow by Rs 100 crore once it receives approval from the Ministry of Civil Aviation to charge user development fee (UDF) at nine airports. “We will annually earn around Rs 100 crore by charging UDF at eight of our airports. We have sent our request and will start charging as soon as we receive the approval,” said a senior AAI official who did not wish to be named.
There is unanimity in thinking among the intelligentsia that if India is to become an economic power, growth has to be inclusive and touch the lives of millions of people living in rural India. It is heartening to note that the Government is conscious of the fact and has taken unique steps to which will go a long way in alleviating the sufferings of poor people.
The government should “revisit” its Special Economic Zone (SEZ) Act “comprehensively” and put a ban on transfer of common property and agricultural land for its implementation, a high-level panel has recommended in its report.
The government today cleared 14 foreing direct investment (FDI) proposals, including a Rs 273-crore application from Asset Reconstruction Company, which could together bring in foreign investment worth Rs 732.5 crore.
As corporate India expands globally, it must communicate diplomatically. Excellent communication is the key to effective corporate public affairs and global diplomacy. Without a comprehensive communications strategy that embraces all important stakeholders, those who interact with the company and form its business environment, global corporate diplomacy cannot be effective.
The government has decided to go ahead with the auction of three slots of third generation (3G) spectrum for all 22 telecom circles on February 25. It will be completed by March 3-5.
Amid India"s concerns over use of Nepalese soil by ISI and other anti-India elements, Prime Minister Madhav Kumar Nepal has said such apprehensions are being taken seriously but made it clear that an extradition treaty would have to wait for political stability here.
India has agreed to provide an additional 30 MW of electricity to Nepal, which is facing an acute power shortage.
A Norwegian-Indian telecom joint venture firm, Uninor, today said it has secured 1.2 million subscribers across eight telecom circles during the first month of its operation.
Telecom service providers have added 44.21 million new subscribers in the quarter ended September 2009.
Country"s largest private sector lender ICICI Bank has sold its points of sale terminals that accept the debit and credit card payment to First Data Corporation for $80 million (about Rs 400 crore).
Kapoor new CEO, Kohli to head International Business Group
Sunil Jain / New Delhi January 18, 2010, 2:42 IST
The government is unlikely to allow any merger or acquisitions among the third generation, or 3G, mobile service providers to ensure competition.
State owned Bharat Sanchar Nigam Limited (BSNL) has achieved a subscriber base of over 20 lakh for its mobile services in the Orissa circle.
The farmers of Dadri in Ghaziabad district, where Anil Ambani-controlled Anil Dhirubhai Ambani Group (ADAG) has proposed a gas- based power plant, today urged the Uttar Pradesh government to grant more time for returning the land acquisition compensation paid by the company.
The Hyderabad Metro Rail Limited (HMRL), the special purpose vehicle set up to implement the metro rail project in the city, had postponed the sale of Request for Qualification (RFQ) applications for global bids to July 24.
Australia’s Deputy Prime Minister Julia Gillard has said the country is committed to the education revolution involving international students.
Malaysia-based Scomi International is scouting for partners to tap the monorail market in India, which is estimated to be around $15 billion (Rs 72,000 crore) in the next five years.
Denmark’s largest pension fund company, ATP, has expressed a desire to outsource its internal information technology (IT) management and back-office works to Indian service providers.
Global mining major Vedanta group today said that the Orissa government has assured it of raw material supply to run its aluminia refinery in the state.
The markets traded in a narrow range this week in spite of stellar numbers from Infosys. The Sensex rose 14 points or 0.08 per cent to 17,554, while Nifty increased 7 points or 0.14 per cent to 5,252 during the week. Midcaps and small caps performed better; Midcap index rose 1.5 per cent and Smallcap index was up 3.1 per cent during the week. Industrial output grew at 11.7 per cent, fastest in the last two years in November 2009; expectations indicate that GDP numbers could grow to 7.75 per cent for FY10. However, inflation at 7.3 per cent in December as compared to 4.8 per cent was the concern area for investors.
Public sector lender Syndicate Bank today said its net profit declined by 42.27 per cent to Rs 205.72 crore for the third quarter ended December 31, 2009, over the same period last fiscal.